Aberdeen International Inc. (TSX: AAB, FR: A8H, OTC: AABVF) Unlocking Shareholder Value With Sale of Shares of Progressus Clean Technologies Inc. to AmmPower Corp. (CSE: AMMP, OTCQB: AMMPF, FSE: 601A)
January 09 2023 - 8:00AM
Aberdeen International Inc. (“
Aberdeen” or the
“
Company”) (TSX: AAB, F: A8H, OTC: AABVF) is
pleased to announce the sale of its Progressus Clean Technologies
Inc. (“
Progressus") shares to AmmPower Corp.
(“
AmmPower”) as part of AmmPower’s acquisition of
50.05% of the issued and outstanding common shares of Progressus, a
venture stage green technology company focused on the development
of novel hydrogen generation and separation technologies (the
“
Transaction”).
“AmmPower is a natural suitor for Progressus and
we think that this transaction makes a lot of sense – it provides
both AmmPower and Progressus with the right resources at the right
time; it enables the companies to accelerate technology development
and commercialization; and it creates a unique value proposition to
customers. For Aberdeen, it enables us to have meaningful ongoing
exposure to the growth upside from Progressus as well as new clean
ammonia technologies being developed by AmmPower,” stated Mr.
Younger, CEO of Aberdeen.
The combination of Progressus' clean hydrogen
technology – which is directly applicable to improving the
efficiency of ammonia production through the extraction of hydrogen
from dilute syngas - with AmmPower’s leading intellectual property
and technology development capabilities in clean ammonia
production, creates a significant platform for growth and an
opportunity to unlock value for Aberdeen shareholders.
Transaction Details
Under the terms of the Transaction, AmmPower
acquired 25,000,000 shares of Progressus from Aberdeen in exchange
for 41,254,125 common shares of AmmPower at a deemed price of
C$0.30 per AmmPower share, representing C$12,376,238. The
transaction results in Aberdeen holding 27.35% of the issued and
outstanding shares of AmmPower. Prior to completion of the
Transaction, Aberdeen owned no securities of the AmmPower. Aberdeen
has acquired the common shares of AmmPower for investment purposes
and in accordance with applicable securities laws. Aberdeen may,
from time to time, acquire additional common shares and/or other
equity, debt or other securities or instruments (collectively,
“Securities”) of AmmPower in the open market or
otherwise, and reserves the right, subject to applicable securities
law, to dispose of any or all of its Securities in the open market
or otherwise at any time and from time to time, and to engage in
similar transactions with respect to the Securities, the whole
depending on market conditions, the business and prospects of
AmmPower and other relevant factors.
This press release is issued pursuant to
National Instrument 62-104 - Take-Over Bids and Issuer Bids and
National Instrument 62-103 - The Early Warning System and Related
Take-Over Bid and Insider Reporting Issues, which also requires a
report to be filed with regulatory authorities in each of the
jurisdictions in which AmmPower is a reporting issuer containing
information with respect to the foregoing matters (the
"Early Warning Report"). A copy of the Early
Warning Report will be available under AmmPower's profile at
www.sedar.com and available from Aberdeen upon written request at
198 Davenport Road, Toronto, Ontario M5R 1J2, Tel:
416-861-5882.
ABOUT AMMPOWER CORP.
AmmPower is a clean energy company focused on
the production of green ammonia. The Company is based in Toronto,
Ontario, with a research and manufacturing facility in Southeast
Michigan. The Company is active in all facets of green ammonia
production, including the production of green fertilizers, carbon
free shipping fuel, and the ‘cracking’, or moving of green hydrogen
as ammonia. The Company is working on the development of
proprietary technologies to produce green ammonia and green
hydrogen at scale, including the investigation of unique catalytic
reactions to bring down costs and to take advantage of carbon
credits in the renewable energy space. AmmPower currently holds
several LOIs with ports in Brazil, the United States, and is
currently completing its IAMM™ prototype to create green ammonia
for the agricultural industry. The Company also holds a lithium
exploration property in the James Bay/Eeyou Istche region of Quebec
and an option on the Titan Property located in Klotz Lake area in
Northwestern Ontario.
ABOUT ABERDEEN INTERNATIONAL
INC.
Aberdeen International is a global resource
investment company focused on small capitalization companies in the
battery metals, clean energy and renewable energy sectors.
For additional information, please visit our
website at www.aberdeen.green
For further information, please contact:
Chris Younger Chief Executive Officer Aberdeen
International Inc. Chris.Younger@aberdeen.green (416) 861-1685
This press release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, without
limitation, statements regarding the transaction to sell Progressus
shares to AmmPower; the benefits of the transaction; the investment
portfolio of the Company; and the Company’s future plans.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information, including risks inherent in the clean
energy and natural resources industry and risks described in the
public disclosure of the Company which is available under the
profile of the Company on SEDAR at www.sedar.com and on the
Company's website at www.aberdeen.green. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. The Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
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